Private infrastructure is becoming increasingly accessible to individual investors as asset managers use interval funds to bring strategies once largely reserved for institutions into the wealth channel. Advisors Asset Management and Wilshire announced the launch of the AAM Wilshire Infrastructure Fund on August 25, offering individual investors exposure to private infrastructure investments across areas including digital infrastructure, transportation, utilities, energy transition, and social infrastructure. Sun Life Financial committed $150 million in seed capital to the fund.
The fund plans to focus primarily on small- and middle-market infrastructure investments, providing another example of how interval funds are being used to package less-liquid private assets for individual investors. Unlike publicly traded infrastructure funds, private infrastructure strategies can invest directly in assets that may generate contractual or recurring cash flows over long periods. The interval fund structure can accommodate these less-liquid investments because shareholders receive periodic repurchase opportunities rather than daily liquidity.
For advisors, the expansion of infrastructure into the wealth channel creates another potential portfolio allocation—but also another product category requiring careful comparison. Underlying assets, leverage, fees, valuation practices, portfolio diversification, and repurchase policies can differ significantly among funds. As private infrastructure joins private credit, real estate, and other institutional strategies in interval fund form, understanding both the investment and the structure through which it is offered becomes increasingly important.
